FM assures to simplify GST further to boost India’s biz ranking

On Thursday, the Finance Minister (FM) mentioned that initiatives would be undertaken to simplify GST further. FM believes that these initiatives could also help in boosting India’s ranking on the World Bank’s ease of doing business index.

India has crossed 14 places and has reached the 63rd rank on the World Bank’s ease of doing business ranking index. The aim is to get India within the 50th rank in the following few years.

While interacting with reporters, Nirmala Sitharaman mentioned that even the states would need to make efforts to improve India’s business climate, especially concerning property registration. FM also added that the Insolvency and Bankruptcy Code (IBC) implementation has helped in boosting India’s business ranking.

Also Read: World Bank: India Has Improved the Ease of Doing Business

As of today, the World Bank takes only Mumbai and Delhi into consideration for the business ranking index. FM mentioned that in the following ranking, the business climate of Bangalore and Kolkata also would be included. Krishnamurthy Subramanian, the Chief Economic Adviser, said that the existing outreach programme which is being chosen by the banks has facilitated in enhancing credit access to the MSME sector.

For any clarifications/feedback on the topic, please contact the writer at bhavana.pn@cleartax.in

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